A recent article today about St. George, Utah foreclosures was on The Spectrum newspaper's website. The article pointed out some of the happenings in the real estate market with regard to foreclosures and past due mortgages.
1.8% of all homes in St. George are now in foreclosure. This is an increase from December 2007 where the rate was 0.7% of all homes in St. George. Southern Utah real estate has been facing falling prices with an influx of these repos and short sales.
If you're interested in a St. George foreclosure - please contact me ASAP at 435-632-5491. With low interest rates and a little down payment - St. George real estate is a great investment if you can hold for a couple years until this market picks up again. Prices in many cases are below that of replacement cost.
Another statistic showed that 4.5% of all mortgages in the area are now 90 days past due. Banks are taking longer to take homes back from homeowners due to the influx - which helps the owners, but eventually - these homes will hit the market as well.
